Office 2016 for Mac is now out of preview and officially launched for all Office 365 subscribers. This has only taken Microsoft almost six years and a new CEO to accomplish.
All of the major Office apps — Word, Excel, PowerPoint, Outlook, and OneNote — have received major updates. The ribbon UI is now far more aesthetically pleasing and is congruent with the look and feel of the iPad, Android, and Windows apps. In addition to the visual overhaul, Office 2016 for Mac will be retina ready and support multi-touch gestures.
If you are not an Office 365 subscriber, you will either have to wait until September to purchase an individual license (pricing has for this option has not yet been announced) or bite the bullet and purchase a subscription.